Abraxas Petroleum Corp. (AXAS) Position Reduced by Formula Growth Ltd.

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Formula Growth Ltd. decreased its position in Abraxas Petroleum Corp. (NASDAQ:AXAS) by 8.9% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 3,783,528 shares of the energy company’s stock after selling 371,154 shares during the period. Abraxas Petroleum comprises about 1.2% of Formula Growth Ltd.’s investment portfolio, making the stock its 26th biggest holding. Formula Growth Ltd. owned 2.27% of Abraxas Petroleum worth $10,934,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the stock. BlackRock Inc. boosted its stake in Abraxas Petroleum by 7.9% in the 2nd quarter. BlackRock Inc. now owns 11,633,452 shares of the energy company’s stock worth $33,622,000 after purchasing an additional 847,643 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Abraxas Petroleum by 56.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,231,327 shares of the energy company’s stock valued at $12,229,000 after buying an additional 1,526,579 shares during the period. Heartland Advisors Inc. boosted its stake in shares of Abraxas Petroleum by 7.1% during the 2nd quarter. Heartland Advisors Inc. now owns 2,355,800 shares of the energy company’s stock valued at $6,808,000 after buying an additional 156,300 shares during the period. Cortina Asset Management LLC boosted its stake in shares of Abraxas Petroleum by 17.5% during the 1st quarter. Cortina Asset Management LLC now owns 2,333,720 shares of the energy company’s stock valued at $5,181,000 after buying an additional 347,189 shares during the period. Finally, Foundry Partners LLC boosted its stake in shares of Abraxas Petroleum by 23.8% during the 2nd quarter. Foundry Partners LLC now owns 2,258,405 shares of the energy company’s stock valued at $6,527,000 after buying an additional 433,480 shares during the period. 59.71% of the stock is owned by hedge funds and other institutional investors.

Shares of NASDAQ:AXAS opened at $2.33 on Wednesday. The firm has a market cap of $375.11 million, a price-to-earnings ratio of 11.84 and a beta of 1.06. Abraxas Petroleum Corp. has a 12-month low of $1.59 and a 12-month high of $3.27. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.39 and a quick ratio of 0.39.

Abraxas Petroleum (NASDAQ:AXAS) last issued its earnings results on Tuesday, August 7th. The energy company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.03). The company had revenue of $30.92 million for the quarter, compared to analyst estimates of $31.93 million. Abraxas Petroleum had a negative net margin of 3.70% and a positive return on equity of 28.33%. equities analysts forecast that Abraxas Petroleum Corp. will post 0.28 EPS for the current fiscal year.

A number of equities research analysts have issued reports on the stock. ValuEngine lowered shares of Abraxas Petroleum from a “hold” rating to a “sell” rating in a research note on Monday, July 2nd. BidaskClub lowered shares of Abraxas Petroleum from a “buy” rating to a “hold” rating in a research note on Wednesday, June 6th. Stifel Nicolaus decreased their target price on shares of Abraxas Petroleum from $4.80 to $4.70 and set a “buy” rating for the company in a research note on Wednesday, May 9th. TheStreet lowered shares of Abraxas Petroleum from a “c” rating to a “d+” rating in a research note on Wednesday, August 8th. Finally, Canaccord Genuity reissued a “buy” rating and set a $3.50 target price on shares of Abraxas Petroleum in a research note on Tuesday, August 28th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $3.44.

Abraxas Petroleum Company Profile

Abraxas Petroleum Corporation, an independent energy company, engages in the acquisition, exploration, exploitation, development, and production of oil and gas properties in the United States. The company operates oil and gas assets in the Permian/Delaware Basin, the Rocky Mountain, and South Texas regions.

Further Reading: Fundamental Analysis – How It Helps Investors

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Institutional Ownership by Quarter for Abraxas Petroleum (NASDAQ:AXAS)

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